Bitcoin Forum

What are some best practices for telling what altcoin is a pump and dump vs. legit?  ??? ??? ???

I wish I knew...

The best I can say is you can figure it out after the fact. Even legit coins have a pump-and-dump phase, probably because there's so many people looking to jump on anything for a quick buck. Also, the coins are usually rigged so that the coin rewards are biggest early in the mining cycle: that supply tsunami all-but-guarantees a dump. My advice? Wait until the dump phase is over and then check out the coin. You can buy in at a low price when the quick-buck types get frustrated with it and move to the next one.

If you're going to play the game this way, check out the community; that's a vital part of the due diligence. A growing community is no guarantee, of course, but it does give a coin a leg up. Warning: there's a big difference between a growing community and an enthusiastic community. Small communities can make big noises. ;)

Oh, yes. If you play the game this way, you'd better have patience 'cos you're in for a long wait. That's actually a blessing in disguise, because it means you can jump into the community itself and help out a little. Or - perish the thought  ;D - take some time and learn the technical nuts-and-bolts of your coin.

Twitter. Make an account and follow everyone in alternative coins. The 'little guys' playing the game have obvious Twitter handles and more often than not an image portraying a rich gangster.

Edit: And yes 'legit' coins will get chosen at times too, you just have to watch if they're in a P&D phase. By the time you're hearing about it it's in the dump phase and will only get pumped higher if more people play. Too late by then usually.

i think you should refine your question to Before or After they have been released.
and i agree it can be pretty hard to tell sometimes.. especially when we don't all agree on what that is defined as.

many are obvious though..
a coin that has nothing to offer but a name change and a new icon by a person who hides their identity are a good example.
but some that are more tricky like Max coin can be hard..
I was prepared to get involved with that coin early on before release because i could tell it was going to get big and fast
and i also figured there was a bout a 75% chance it was nothing but a pump and dump cash grab..
but i figured screw this shit.. i'm not letting all these greedy dicks around the scene make all the money while i sit around watching.
In the end i got burned and lost money though but i knew what i was getting into and yeah it was a Pump and Dump coin like most people thought..

and that brings me back to what i said.. there is often no solid way of knowing if Max coin (or others) have good intentions until it's too late.

i advise people to ask first who made the coin and how many other coins have the put out ? or worked on etc
and how many forum accounts have they logged into here and if they will not answer the questions than you should turn around and walk way !

people using alt accounts to launch a coin / nobody putting there name to it

This & anything that isn't innovative or just states "good concept" or some crap like that.

((*coin)v(*bar)) ∧ ¬peercoin

My basic rule: if some one is mentioning a price spike. most likely its a pump which is about to be dumped. If its not that then some one who got dumped and is hoping his post can hype it once more so they can get their ROI back. and lastly. it could be legit.


so out of three options two will make you come out in losses. therefore don't take a chance

Your welcome guy and your name is awesome i thought when i posted before lolol

and Zak is making sense as usual i think.. a logical guy who i *almost always agree with lol
what he said is far larger of a problem than any new users realize.. it may seem like there is lots of people releasing coins
but in reality there is probably like 6 guys making them all..
and the main reason i wanted to comment on that was simply to say i don't care who these people are IRL with their real names
it's the FACT that these coin cloners have already well established accounts here that they avoid posting coins with.
They have often said they do it to avoid harassment which makes sense and also shows why they don't want to use the known account
because they damn well they are doing something wrong lol

one well known coin cloner had told me before he did not post his new coin here because it was just a joke, experiment research coin of sorts (which made fiat in the bank)
and he never did post it here.. he released it via Cryptsy chat and on another web site way later after the fact..
HE KNEW damn well what he was doing and he did it on purpose and he knew better !
Another coin cloner buddy of the cloner told me when he pulled the same bullshit stunt the following excuse
there is no rule that says they have to post their coin here.. and they are correct of course.
But they know better and want to play dumb so they have a massive advantage..
The guy who said that has said publicly more than once in front of everyone he had more than 100 Radeon 7950 GPU's
so a a day or two head start flash mining a coin before the public finds out about it is pretty much theft.. that is just outright scam straight up.

The two guys and coins i am talking about are..
Shakezulu and CENT
iGotSpots and TIX
Both were tied to exclusive releases posted FIRST on a Cryptsy moderators own crypto news web site while they avoided posting here.. and it gets way worse lol

Bottom line, the coin cloners are experimenting and brain storming to try and come up with the best advantage they can get to releasing a coin
which is why they do not stop posting them.. each coin is new scam attempt by the same old scammy corrupt deceitful assholes !

They will raise a big stink and then you will notice down the line later they have vanished and are now pushing a new coin..
aka: the pump and dump routine.. be VERY careful when deciding what coins to get involved with.. even us with experience can get suckered and scammed it happens.

almost nothing these coin cloners say is true.. the vast majority of what they say is a wall of lies and games..
Shakezulu for example called his coin cloning tutorial "A guide to cloning coins for fun and PROFIT"
and i just looked now and the sneaky weazle deleted the cloning guide now (or changed the link maybe ? after the last time i posted it here showing it to people) lol
http://devtome.com/doku.php?id=sha256_altcoin_cloning_guide
That sleazy prick also has made coins for exchange staff at Cryptsy etc and he has a huge chunk of all the coins on exchanges
and he has posted a virus (kelogger) in one of his wallets that i still have the files to and the report link and i got the file from his official site (keylogger and all) LOL
AND THAT GUY is no where near as bad as iGotSPots so what the hell does that tell us ??? hahhaa
iGotSPots is the biggest scammy corrupt liar in the whole entire Altcoin scene.. I have never witnessed such an angry deceitful scumbag on the internet in my life, ever !
But hey, i wouldn't worry about it though, it's not like these scammers can sue you or beat you up lol

Easy, but I'm not telling

premined coins are normally die

Pretty much all the coins that come out now are pump and dumps. Unless they have a truly revolutionary idea or workable concept behind them then best avoid as they won't last long.

it's rather simple. first sign that an altcoin is not legit: it's an altcoin.

Would be nice if that section had a review process on this forum before their unveiling post? I imagine a lot of the pumpers see the altcoin via this forum?

If you or anyone else is seeking in-depth coverage of alternative coins, then i suggest checking out the best site regarding alternative coins, not a coinmarket cap technical analysis site, but a human approach to judging what is best in volitile times.


www.coinssource.com/crypto-coins
Just start browsing through our selection, read about your favorite coins.


We'd also appreciate any support for our company on our official thread: https://bitcointalk.org/index.php?topic=570543.0


Regards,
CEO and Founder of Coins Source

Serious coins care about continuing development. You can see it easily in the communications of the community:

- Look if they have a website and forum.
- If they only have Bitcointalk threads with marketing announcements and perhaps a small website, it's most probably a Pump-and-dump (PaD).
- Check the contents of their forum.
- If they're only discussing about price, mining, trading, how-to-get rich and how awesome the coin is, it's as PaD-Coin.
- If there are serious technical development discussions, most probably it's legit.
- Check also their source in Github. If the coin sees commits regularly, it's most probably legit.

I'd checkout www.coinssource.com/crypto-coins the amount of in-depth details and coverage behind alternative coins is very large and took a lot of effort. They go through much of the check-list you have up and more.


If you want to support this start-up Company, then you should take a look at this thread:https://bitcointalk.org/index.php?topic=570543.msg6216123#msg6216123

you can also tell if is a pump and dump when a certain media hypes it up over bitcoin, then you know they are holding coins, I lost money in vertcoin in that trick.

This.  It must create a way for people outside BTC to get into BTC and the coins will flow!

Huntercoin ftw

funny i posted this and some guys make random off topic comments to push me back a page and then launch a dedicated attack topic on me
LOLOLOLOL

All coins are pump & dump.
Here you go.

If you're a day trader then all coins are potential for pump and dumps

If you're long on the coin and do your homework then none

some great advice in this thread, especially for a noob like me. thanks!